H.R. 5134 · 110th Congress
Beginning Farmers and Ranchers Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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TerrySponsor23 cosponsors · 8 D, 15 R
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Bishop
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Boswell
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Burton
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Boozman
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Fortenberry
WG
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Gilchrest
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Graves
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Kagen
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McCaul
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McMorris Rodgers
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Peterson
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Pomeroy
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Paul
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Pearce
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Rehberg
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Souder
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Simpson
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Salazar
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Smith
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Marshall
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Visclosky
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Kline
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Davis18 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Beginning Farmers and Ranchers Act of 2007 [ sic ] - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years.
What it does: CRS summary · Introduced in House · Jan 23, 2008
Beginning Farmers and Ranchers Act of 2007 [sic] - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years. Allows: (1) a 50% exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes for 10 years; and (2) a 25% exclusion for the sale of qualified farm property to any other person for any other use.
Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required 10-year period.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Beginning Farmers and Ranchers Act of 2007
Latest action (Jan 23, 2008): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 23, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.